| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 6 | 8 |
| Reserves | 16 | 19 | 56 |
| Borrowings | 7 | 16 | 3 |
| Other Liabilities | 26 | 26 | 28 |
| Total Liabilities | 55 | 67 | 96 |
| AssetsFixed Assets | 9 | 9 | 9 |
| CWIP | 0 | 0 | 0 |
| Investments | 6 | 7 | 16 |
| Other Assets | 40 | 51 | 71 |
| Total Assets | 55 | 67 | 96 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -10 | -42 |
| Cash from Investing | -9 | -9 |
| Cash from Financing | 14 | 60 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -10 | -42 |
| FCF Margin | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
FUNDVISER · CYCLICAL_UNMODELABLE
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